International Frontier Resources Corporation

International Frontier Resources Corporation

February 22, 2011 10:00 ET

International Frontier Resources Corporation: Entire Basin in the Central Mackenzie Valley, NWT Up for Bids

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2011) - International Frontier Resources Corporation (TSX VENTURE:IFR) ("IFR" or the "Company") today reported that the Minister for the Department of Indian Affairs and Northern Development has approved posting requests for eleven parcels located in the Central Mackenzie Valley, Northwest Territories ("CMV"). The 2010-2011 Call for Bids was launched on February 19th, 2011 and closes on June 21, 2011 at which time bids must be submitted.

The eleven parcels cover an area of 897,890 hectares (2,218,735 acres ~ 3467 sections) stretching 720 kilometers (448 miles) south-north and approximately 300 kilometers (186 miles) east-west. The areas posted are bounded to the south by the Deh Cho area, where land claims have not been settled, and by lands north of Norman Wells. Lands situated north of Norman Wells that fall within the K'ahsho Got'line District, including the Colville Hills area, were excluded from the 2010-2011 Call for Bids.

The following License categories referenced in this news release shall mean;

Exploration License ("EL") – a license granted by the Crown for a primary term of 5 years, if a well is drilled in the primary term the license is extended for a second period of 4 years.

Significant Discovery License ("SDL") – a license granted by the Crown that covers a hydrocarbon accumulation confirmed by the drilling and testing of a well and seismic mapping, SDL's do not expire.

Production License ("PL") – a license covering a producing accumulation of hydrocarbons. A PL does not expire until all reserves are produced.

The parcels posted for this year's Call for Bids, when combined with 3 SDL's and 2 EL's that IFR holds an interest in and 2 EL's operated by MGM Energy Corp. will, in the Company's opinion, capture the entire prospective hydrocarbon basin west of the Mackenzie River and south of Norman Wells.

Commenting on this year's land sale the Company said, "In the last decade there have been 14 wells drilled on the west side of the Mackenzie River, IFR has participated in 9 of the wells. Of the 9 wells drilled 3 wells encountered commercial hydrocarbons and 2 wells encountered encouraging hydrocarbon shows. Based on proprietary well, seismic and aeromag data the Company has identified a significant number of undrilled prospects, some of which sit within the oil window and others are within the gas window. The areas nominated at this year's CMV Call for Bids cover the majority of these prospects."

This winter one well is being drilled in the CMV, the MGM Energy operated Windy Island J-39 which is reported to be drilling at a depth of 907 meters (2975 feet) en-route to a projected total depth of 1500 meters (4920 feet) - NEB public files dated Feb. 15, 2011. The well is testing a shallow Devonian oil prospect located near the town of Tulita. Devon Energy is participating for a 50% interest in the well.

To date three active hydrocarbon systems have been discovered in the CMV. They are; the Norman Wells oilfield ("PL"), the Colville Hills area ("SDL's") and the Summit Creek and Stewart Lake ("SDL's") in which IFR holds an interest.

Independent resource evaluators have assigned the following gross contingent resource estimates as defined by N.I. 51-101.

Norman Wells Oilfield – The PL covering the Norman Wells field has produced in excess of 250 million barrels of oil. The field is currently producing at rates ranging from 20,000 to 25,000 barrels of oil per day. Production from Norman Wells is transported to northern Alberta via the Enbridge oil pipeline that has available capacity to transport additional oil volumes.

Colville Hills – In a report filed with the National Energy Board GLJ Petroleum Consultants assigned a high case contingent resource estimate of 2 TCF (trillion cubic feet of gas) for the Colville Hills area.

Summit Creek SDL – In a company commissioned report McDaniel & Associates Consultants Ltd assign best estimate contingent recoverable resources of 38 BCF and 6 million barrels of oil and high estimate contingent recoverable resources of 267 BCF and 27 million barrels of oil for the Summit Creek SDL.

Stewart Lake SDL – In a company commissioned report McDaniel & Associates Consultants Ltd. assign best estimate contingent recoverable resources of 20 BCF and high estimate contingent recoverable resources of 63 BCF for the Stewart Lake SDL (BCF – billion cubic feet).

If companies awarded EL's in the 2010-2011 Call for Bids decide to extend the term of their EL's for a second period of 4 years then there could be up to an additional 11 wells drilled in the CMV.

North of the CMV, in the Beaufort Sea – Mackenzie Delta region, three parcels have been approved by the Minister for the 2010-2011 Call for Bids. The parcels cover an area of 386,267 hectares (954,486 acres); bids for these parcels are due on June 21, 2010.

In the period 2006 to 2009 the Minister approved the award of 15 EL's in the Beaufort Sea – Mackenzie Delta region. The EL's carry aggregate bids of $2.88 billion. Highlights of past Call for Bids include the award in 2007 of EL-446 to Imperial Oil Resources Ventures (50%) and Exxon/Mobil Canada Properties (50%) for a bid of $585 million. In 2008 EL-449 was awarded to BP Exploration Company Limited for a bid of $1.18 billion and in 2009 BSMD-5 was awarded to Chevron Canada Limited for a bid of $103 million.

The Northwest Territories is one of the last under-explored basins in North America that has the potential to yield world class resources. This remote northern frontier region sits in Canada, a politically stable country, with a focus on Northern Sovereignty. The fiscal regime in the NWT favors companies and not host Governments, which is the case with many other international oil & gas basins with similar resource potential to the Northwest Territories.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release. The Company seeks safe harbor.

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